MYUVA: If you are a resident of Uttar Pradesh and have completed your education up to the 8th grade, you can also obtain a loan of up to Rs 5 lakh from the government, and that too without any interest rate, meaning you won’t have to pay a single rupee. The Uttar Pradesh government launched this scheme with the aim of developing the state’s youth into entrepreneurs, or businessmen. The government’s goal is to train approximately 100,000 young people each year to become entrepreneurs, enabling them to make their lives successful and use the loan funds to start or expand their businesses.

What is Mukhyamantri Yuva Udyami Vikas Abhiyan?

The Uttar Pradesh government has launched a scheme to help youth start their own businesses, called the Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA). Under this scheme, young people will be provided loans of up to Rs 5 lakh to start their own businesses. The most significant feature of this scheme is that the government will not charge even a single rupee of interest on the loan, meaning you will receive the loan at a 0% interest rate and there is no need for any guarantee or collateral.

Who will get the benefit of the scheme?

If any youth wishes to benefit from this scheme, they must be between 21 and 40 years of age. The minimum educational qualification required to qualify for this scheme is an 8th-grade pass. Additionally, a certificate of skill training from a recognized institution is mandatory. Only then can an applicant benefit from this scheme. Once an applicant receives a loan from the government, they must repay the loan amount within four years.

To benefit from the Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA) scheme, it is essential that the applicant be a resident of Uttar Pradesh. If they have previously taken out a loan from a bank, they must have paid their installments on time and are not on any bank’s defaulter list. To benefit from this scheme, the applicant’s CIBIL score must be clean, so they can receive a loan.